MF Global

Jon Corzine Settles Over MF Global Collapse: Agrees To Lifetime Ban, $5 MILLION Fine

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– Jon Corzine Settles Over MF Global Collapse: Agrees To Lifetime Ban, $5 Million Fine:

Three years ago, in February 2013, traders were outraged upon learning that the National Futures Association refused to ban former MF Global chief Jon Corzine from trading with other people’s money, rejecting a motion brought before that body’s board of directors to do so. The decision was a blow to a vocal group within the commodities trading world who – noting that Corzine has not been held accountable by the government for alleged crimes – wanted to see him publicly upbraided by his peers in the market.

All that changed today when Corzine agreed to pay a $5 million civil fine to settle a lawsuit by the U.S. Commodity Futures Trading Commission over the 2011 collapse of the former New Jersey governor’s brokerage, MF Global Holdings. More importantly, under the settlement disclosed on Thursday, Corzine also agreed to be barred for life and never again work for a futures commission merchant, or register with the CFTC in any capacity.

Read moreJon Corzine Settles Over MF Global Collapse: Agrees To Lifetime Ban, $5 MILLION Fine

MF Global 5 Years Later: PWC Set To Take The Fall As Corzine Still Untouched

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– MF Global 5 Years Later: PWC Set To Take The Fall As Corzine Still Untouched:

Jon Corzine, former Governor of New Jersey and CEO of Goldman Sachs, took over the helm of MF Global in March 2010.  When revenue at the bank failed to live up to expectations, Corzine developed a scheme to place a massive $6BN bet on the sovereign debt of the aptly named PIIGS (Portugal, Italy, Ireland, Greece, Spain) through a financial structure known as a “Repo to Maturity”.  To summarize the strategy for all you aspiring CEO’s, when you find it difficult to generate organic revenue growth sometimes the better option is to just bet your entire firm on a single, massively-levered trade on the sovereign debt of countries on the verge of insolvency.

Read moreMF Global 5 Years Later: PWC Set To Take The Fall As Corzine Still Untouched

Vapor Capital Asset Mismanagement LP: Jon Corzine Planning Hedge Fund Launch

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– Vapor Capital Asset Mismanagement LP: Jon Corzine Planning Hedge Fund Launch (ZeroHedge, April 19, 2015):

Shortly after Jon Corzine not only destroyed MF Global but “vaporized” $1.6 billion in supposedly segregated client funds which were illegally commingled with operating cash, Jon Corzine had a brief encounter with the legal system including several kangaroo court sessions in Congress, which ultimately led to absolutely nothing for two simple reasons.

Reason #1:

Read moreVapor Capital Asset Mismanagement LP: Jon Corzine Planning Hedge Fund Launch

You Can’t Make This Up: MF Global Sues PWC, Blames It For Its Collapse

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– You Can’t Make This Up: MF Global Sues PWC, Blames It For Its Collapse (ZeroHedge, March 29, 2014):

File this one in the “you can’t make it up” category. Over two years after the MF Global collapse, in which the primary dealer headed by Jon “I don’t recall” Corzine all but admitted it had engaged in the cardinal sin of any financial intermediary, i.e., commingling money, to cover up a trade gone horribly bad and which resulted in the disappearance of some $1 billion in client funds until such time as the bankruptcy process managed to “liberate” funds from other part of the company, MF Global has suddenly figured who is at fault: not the CEO, not his brown-nosing lackey, not some janitor meant to be scapegoated precisely in a situation such as this, not even the infamous “glitch” – no, the party that is accountable for the firm’s theft of client funds, and horrible investing decisions that led to its bankruptcy, are the accountants.

No really: yesterday MF Global Holdings sued PricewaterhouseCoopers LLP for $1 billion, alleging accounting malpractice helped bring down the brokerage company.

Like we said, you can’t make this up. From Bloomberg:

Read moreYou Can’t Make This Up: MF Global Sues PWC, Blames It For Its Collapse

‘Financial Fascism’: Jon Corzine Will Not Face Criminal Charges Over MF Global

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Flashback:

– Congressional Investigators: MF Global’s Jon Corzine Ordered Funds Moved To JP Morgan

More links are down below.

– Jon Corzine will not face criminal charges over MF Global: report (MarketWatch, July 8, 2013):

There will be no criminal charges for former New Jersey Governor Jon Corzine over the use of customer funds leading up to collapse of MF Global.

The criminal probe into whether there was wrongdoing on the part of Corzine by the Department of Justice will now be dropped due to lack of evidence, said a report in The New York Post, citing a person with knowledge of the matter.

Read more‘Financial Fascism’: Jon Corzine Will Not Face Criminal Charges Over MF Global

Apparently This MF Global ‘Clusterfuck’ Does Not Deserve Criminal Charges

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– Apparently This MF Global “Clusterfuck” Does Not Deserve Criminal Charges (ZeroHedge, July 1, 2013):

We salute the CFTC for finally, if belatedly, doing the right thing and going after Jon “the bundler” Corzine. However, we wonder, just how is the following documented exchange between Edith O’Brien, MFG’s assistant treasurer, and some MF Global employee, not considered crime-worthy by Eric Holder? Or is the US Attorney General too busy to answer, having to come up with his own alibi to avoid going to jail for lying to Congress under oath?From the MF Global Civil, not Criminal, Complaint

Just prior to 6:30 p.m. ET, O’Brien told Employee #2 on a recorded telephone line that the Firm would not be in compliance with customer segregation rules because funds were not being returned to customer segregated accounts:

O’BRIEN: It is a total clusterfuck . . . . They have to move half a billion dollars out of BONY to pay me back . . . . Tell me how much money is coming in and I will make sure it gets posted. But if you don’t tell me, then tomorrow morning I am going to have a seg problem . . . . I need the money back from the broker-dealer I already gave them. I can’t afford a seg problem.

Read moreApparently This MF Global ‘Clusterfuck’ Does Not Deserve Criminal Charges

‘Financial Fascism’ – Financial Terrorism – Stealing Your Money! (Video)

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YouTube Added: 21.03.2013

House Republicans Find Corzine Guilty Of MF Global Collapse, Missing Funds; Democrats Refuse To Endorse Findings

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And again, it makes no difference whether elite puppet Republicans or elite puppet Democrats govern America.

The people get screwed all of the time:

– George Carlin: The Illusion Of Freedom – ‘This Country Finshed!’ (Video)

– George Carlin: The American Dream (Video)

An absolute MUST-SEE!!!, …

– Rep. Ron Paul’s Farewell To Congress (Video)

… especially for all real Americans out there.

– House Republicans Find Corzine Guilty Of MF Global Collapse, Missing Funds; Democrats Refuse To Endorse Findings (ZeroHedge, Nov 14, 2012)



Flashback:

– CNBC’s Rick Santelli Says It All In This Blockbuster Rant (Video)

– Missing $1.6 Billion MF Global Funds: Traced!

– Congressional Investigators: MF Global’s Jon Corzine Ordered Funds Moved To JP Morgan

– CFTC Pulls ‘JPMorgan Whistleblower’ Letter

– Max Keiser And Gerald Celente On MF Global Bankruptcy Implications – The JP Morgan Connection – Goldman Sachs – CME (‘Chicago Mafia Exchange’) – Gold, Silver – Syria, Iran – Entire Financial System Collapsing, One Big Global Ponzi Scheme – False Flag, WW III – Bank Holiday, Economic Martial Law – ‘YOUR MONEY ISN’T SAFE’

– Gerald Celente: ‘IT’S FASCIST. CAN’T YOU SEE IT?’ – ‘It’s A TAKEOVER’ – ‘Hail Obama!’ – ‘The United States Has Become One Big Warsaw Ghetto’

If Nostradamus were alive today, he’d have a hard time keeping up with Gerald Celente.
– New York Post

When CNN wants to know about the Top Trends, we ask Gerald Celente.
– CNN Headline News

There’s not a better trend forecaster than Gerald Celente. The man knows what he’s talking about.
– CNBC

Those who take their predictions seriously … consider the Trends Research Institute.
– The Wall Street Journal

A network of 25 experts whose range of specialties would rival many university faculties.
– The Economist

CNBC’s Rick Santelli Says It All In This Blockbuster Rant (Video)

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– One Year Later – Santelli Rips Apart ‘Connected’ Corzine (ZeroHedge, Oct 31, 2012):

There remains more than $1.6 billion of customer funds unaccounted for and whether you believe PwC (as Forbes notes) were duped or not, one year on from MFGlobal, one thing is for sure – there is no more hated character in the pits of Chicago than Jon Corzine. CNBC’s Rick Santelli says it all in this blockbuster rant against the incredible reality that this ‘connected’ individual has got away with monetary murder. Must watch – but beware your blood pressure… as he concludes “we haven’t heard the end of this – Chicago will find the answers!”

Janet Tavakoli: Understanding Derivatives And Their Risks (Video)

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YouTube Added: 15.09.2012

– Janet Tavakoli: Understanding Derivatives and Their Risks (ZeroHEdge, Sep 15, 2012):

Global financial markets are awash in hundreds of trillions of dollars worth of derivatives. By some estimates, the total amount exceeds one quadrillion.

Derivatives played a central role in the 2008 credit crisis, as they had a brutal multiplying effect on the magnitude of the carnage. As a bad asset was written down, oftentimes there were derivative contracts written against it that resulted in total losses 10x greater than the initial write-down.

But what exactly are derivatives? How do they work?

Read moreJanet Tavakoli: Understanding Derivatives And Their Risks (Video)